The Real Deal New York

Long Island City Holiday Inn hits the market for nearly $60M

Buyer could revamp property as luxury hotel when franchise deal ends in five years
June 05, 2014 04:20PM

Holiday Inn Manhattan View, a 136-room hotel in Long Island City, Queens, is on the market for $59 million.

Developer Queens Plaza North opened the 13-story property at 39-05 29th Street in early 2009. Initially planned as a luxury hotel, the project switched gears in the wake of the financial crisis, opting to enter a 10-year franchise agreement with Holiday Inn instead. The deal will be up in five years, however, enabling the potential buyer to expand or revamp the hotel altogether.

“You will have the opportunity to rebrand it, perhaps as an independent boutique,” Marion Jones, an Eastern Consolidated broker who is marketing the hotel along with Adelaide Polsinelli, Gary Meese and Jason Marin, told Crain’s.

The Holiday Inn currently operates at roughly 86 percent capacity, according to Crain’s, and includes a ground-floor restaurant. [Crain’s]Julie Strickland